Brambles FY26 Trading Update

• Brambles revised FY26 guidance due to US repair capacity constraints
• Sales revenue growth revised to 2-3% (previously 3-4%)
• Underlying Profit growth revised to 3-5% (previously 8-11%)
• Announced new US$400 million share buy-back
• Expects US repair capacity constraints to be resolved by end of 1H27

Brambles Limited (ASX: BXB) revised its FY26 guidance due to repair capacity constraints in parts of its US subcontracted service center network, driven by subcontractor turnover, labor availability challenges, and higher repair standards. These constraints, along with higher customer demand, have increased costs and limited service levels. As a result, Brambles lowered its sales revenue growth guidance to 2-3% (previously 3-4%) and its underlying profit growth guidance to 3-5% (previously 8-11%). The company also announced a new US$400 million on-market share buy-back, reflecting confidence in its sustained free cash flow generation and balance sheet strength. These initiatives are expected to be resolved by the end of 1H27.

FY26 sales revenue growth 2-3%, underlying profit growth 3-5%, free cash flow US$1,000-1,100 million

Brambles expects to resolve US repair capacity constraints by the end of 1H27 and remains committed to its FY28 margin expansion targets.